Dev Singhraha
Relocation Expert
There is no denying of the fact that when a borrower applies for a home loan with their spouse, there are numerous benefits. From being able to stretch the limit of the home loan to sharing the monthly EMI, the advantages are too many to overlook.

But one often forgets that there are advantages of taking the home loan alone as well. There might be disadvantages of taking the home loan with the spouse in the long run, which aren’t there when one considers the home loan solo.

We discuss the advantages of taking the home loan alone:

  • The co-applicant is also the co-owner of the property in most cases. This isn’t bad at the beginning, but at the later stage in life, it might become an issue related to ownership of the house. This isn’t an issue when you apply for the home loan alone. The applicant is the sole owner of the property unless they specify a co-owner of the property.
  • If one of the owners fails to make the payment of the monthly EMI, then the entire weight of the EMI falls on the shoulder of the other applicant. When one person applies for the home loan, then that person is responsible for the entire payment of the home loan. Thus, one has to be careful to make sure the monthly payment goes on time.
  • If there are two co-applicants of the property, then there might be an issue with taking any other loan in the future. Two people taking a home loan exhaust the possibility of taking the financial help from the bank in future. It may land a person in an utterly helpless situation.
  • When you take a home loan alone, then you should be careful with the property that you purchase or invest. It helps you make a wise investment option. A borrower will not stretch the home loan too far and will stretch it only till his pocket allows. 
Often the advantages of taking the home loan alone are overlooked since it is thought that taking a joint home loan is more investment and pocket-friendly. Even when you share the EMI burden, there can always be a chance of conflict over the ownership of the house. Exhausting your limit to any future loans is not a wise decision.

One should be careful and should give a proper thought about taking a home loan with their spouse.
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